Dependent son's standard return had his income increased over his W2s by over $2500. Submitted before seeing line 1.SCH 2547. What is this - how do I fix?

Forum|Forum|6 years ago
July 15, 2020
1 reply
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What is schedule 2547? We claimed him as a dependent. He has normal jobs, no investments nor do we his parents. He is college student. Entered 1098T info and system said no tax breaks because parents claimed him. We knew that there would be no break. Help.

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Best answer by SusanY1

The notation SCH 2547 is telling us that he had $2,547 of taxable scholarship income based on the entries in TurboTax.

If his expenses for college exceeded or equaled his scholarships, you can remove the 1098-T and this may help. He may have taxable scholarships if Box 5 on the 1098-T exceeds Box 1.

SusanY1Answer

Level 15

The notation SCH 2547 is telling us that he had $2,547 of taxable scholarship income based on the entries in TurboTax.

If his expenses for college exceeded or equaled his scholarships, you can remove the 1098-T and this may help. He may have taxable scholarships if Box 5 on the 1098-T exceeds Box 1.

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